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2024 Guidance
Antero Midstream is forecasting Net Income of $405 to $445 million and Adjusted Net Income (adjusted for amortization of customer relationships and effective tax rate impact) of $460 to $500 million. The Company is forecasting Adjusted EBITDA of $1,020 to $1,060 million, which represents a 5% increase compared to 2023 at the midpoint. This Adjusted EBITDA growth is driven by the expiration of the low pressure gathering fee rebate program, inflation adjustments to Antero Midstream's fixed fees and flat-to-low single digit throughput growth in 2024 compared to 2023. In addition, Antero Midstream expects to service approximately 52 to 57 wells with its fresh water delivery system with an average lateral length of approximately 16,000 feet. Antero Midstream's 2024 guidance includes approximately $130 to $140 million of combined distributions from its interests in the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") and in Stonewall Gathering LLC.
Antero Midstream is forecasting a capital budget of $150 to $170 million, a 14% decrease compared to 2023 at the midpoint. The midpoint of the 2024 capital budget includes approximately $130 million of investment in gathering and compression infrastructure for low pressure gathering connections, additional compression capacity, and further expansion of its Marcellus high pressure gathering system. Antero Midstream has budgeted an investment of $30 million for fresh water delivery and wastewater blending and pipeline infrastructure in 2024. Antero Midstream expects to invest approximately 60% to 65% of its full year capital budget in the second and third quarter during the summer months that are more favorable for infrastructure buildout. Substantially all of Antero Midstream's 2024 capital budget is focused in the Marcellus Shale liquids-rich midstream corridor.
Antero Midstream is forecasting Free Cash Flow before dividends of $670 to $710 million and Free Cash Flow after dividends of $235 to $275 million for 2024, assuming an annualized dividend of $0.90 per share.
The following is a summary of Antero Midstream's 2024 guidance ($ in millions):
| Twelve Months Ended December 31, 2024 | |||||||
| Low | High | ||||||
| Net Income | $405 | $445 | |||||
| Adjusted Net Income | 460 | 500 | |||||
| Adjusted EBITDA | 1,020 | 1,060 | |||||
| Capital Expenditures | 150 | 170 | |||||
| Interest Expense | 185 | 195 | |||||
| Free Cash Flow Before Dividends | 670 | 710 | |||||
| Total Dividends | 435 | 435 | |||||
| Free Cash Flow After Dividends | 235 | 275 | |||||
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